11 Retail Tips to Boost Sales and Customer Retention
By using the best practices and tips, retail organizations can establish stable customer retention to increase sales and boost profits.
The retail industry continues to innovate its customer reach techniques, from social media marketing to eCommerce integration, making it challenging for retailers to remain competitive. Both traditional and digital companies are adapting their business models, campaigns, and business intelligence to maximize their exposure.
By using effective retail marketing schemes, businesses can target and attract consumers based on their brand and buyer personas.
11 Tips to Boost Sales
A Big Commerce study shows that 51% of Americans prefer shopping online than in person. This can make it challenging for traditional retailers to attract customers and promote sales. However, by taking advantage of various resources and marketing strategies, businesses can continue to drive revenue.
1. Launch Google Campaigns
Google alone has over 3.5 billion searches every day, making it an excellent platform to advertise products. Between researching item reviews, local retailers, and shopping, Google provides online consumers with all of the information they need when making a purchase.
Aside from online stores, even traditional retailers are taking advantage of the exposure that Google advertisements offer. However, there are some key tactics to maximize the impact of the campaign.
- Categorize goods by similar products so they are easy for customers to locate.
- Present multiple, high-quality photos of the items so consumers can clearly see the product components.
- Include product reviews and ratings to show consumer advocacy and reliability.
2. Provide a Unique Shopping Experience
The biggest advantage e-commerce sites have over physical retail stores is convenience. Many consumers prefer to order online within minutes, rather than search for products in a store and wait in line.
However, unlike online marketplaces, traditional retailers offer buyers the chance to touch and test items before the final purchase. Stores need to capitalize on this advantage by providing customers with a unique experience that they cannot find anywhere else. Retailers can provide exclusive discounts, samplings, demonstrations, and other incentives to attract consumers.
3. Take Advantage of Social Media
Most businesses have an account on at least one social media site to connect them to potential customers. Social media platforms, such as Facebook, Instagram, and Twitter, enable companies to push their goods in front of specific buyer personas. Retailers can customize their advertisements to appeal to their biggest demographics.
For example, if a local business sells youth baseball bats, they can launch an ad on social media that targets men and women between the ages of 30-45, who may have young children.
Retailers can even cater to locals by programming the campaign to appear to users located within a specific city. Some sites allow companies to set additional parameters, such as shopping categories and even targeting people who follow the retail account.
4. Establish a Local Foothold
Most consumers want to feel like they are a part of a community within their local town. By incorporating local elements into promotions, marketing, and the business model, retailers can connect with customers on a deeper level. Companies can establish a local foothold by-
- Geotargeting - By targeting local residents in online advertisements, businesses can build their presence within their community.
- Imagery - Retailers should use local scenes, such as popular parks, in their campaigns, so customers feel a sense of familiarity and comfortability with a business before even making a purchase.
- Using Lingo - Every region has lingo that is specific to them and creates an immediate comradery between speakers. Retailers can capitalize on this vocabulary by incorporating sayings into marketing schemes.
While digital marketing is impactful, there are more traditional options to attract customers. Guerilla marketing includes placing advertisements in public places, such as benches, signs, and billboards, to drive foot traffic. This tactic gives marketers more creative control on campaigns and maximizes local visibility.
6. Test Podcast Advertising
Podcasts have gained popularity over the past few years, maintaining 67 million listens monthly. There are various podcast categories, from comedy to leisure, making it easy for retailers to find their niche.
Businesses can pay for 30 seconds or one-minute time slots where the hosts run scripted advertisements or advocate for products. These options allow companies to invest in ads that fit their marketing budget.
7. Make Creative Videos
Demonstrating how products operate with an informative and creative video allows customers to get to know an item before making a purchase. With video advertisements, retailers can tell a story, convey emotion, and bring products to life.
By creating a memorable video, customers can recall a jingle or commercial to mind whenever they see the product.
8. Celebrate Holidays
Aside from major celebrations, such as Valentine's Day, Halloween, and Christmas, there are lesser-known national holidays such as Flag or Siblings Day. While it is nearly impossible to capitalize on every holiday, retailers can research recognized holidays that they can promote.
For example, a business that engraves jewelry can celebrate Best Friends Day by running a targeted marketing campaign to drive sales and revenue.
9. Create a Sense of Urgency
By running a limited time offer, retailers can instill a sense of urgency within customers to purchase popular goods before the sale ends. This is an easy way to quickly drive sales and increase inventory turnover. Promoting limited-time discounts also supports impulse buys, where customers feel like they may as well buy an item while it is marked down.
For example, Amazon has the category "Today's Deals," where hundreds of brands run 24-hour discounts or bundles to improve sales.
10. Define Busy Seasons
Every retail business experiences busy and slow seasons. This requires extensive planning and saving to prepare the company for the dips in revenue and profits.
During slow seasons, retailers need to curb their spending on inventory management, marketing ventures, and promotions to remain profitable. For example, many businesses experience a spike in sales during back-to-school and Black Friday shopping, followed by a decrease in demand after the holidays.
Therefore, companies should stockpile inventory and capital during these busy times to sustain operations while revenue decreases.
11. Build a Client Base and Remarket
Once a retail store establishes a client base, it can maintain average sales and customer retention by remarketing. This marketing strategy targets loyal customers to remind them why they need to return to a specific retailer. Otherwise, consumers can be distracted by other marketplaces that offer lower prices or unique products.
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